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Introductory Financial Accounting (ACCT10002)

Undergraduate level 1Points: 12.5On Campus (Parkville)

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Overview

Year of offer2019
Subject levelUndergraduate Level 1
Subject codeACCT10002
Campus
Parkville
Availability
Summer Term
Semester 1
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

This subject focuses on the nature of accounting from the perspective of a preparer of financial reports. The method of recording and reporting transactions in an accounting system to ultimately provide the foundation for judgements and decisions in preparation of financial reports will be covered. The importance of accounting within the Australian external reporting environment is explained as well as an introduction to the Conceptual Framework for accounting that provides a theoretical underpinning of accounting standards and reporting.

Intended learning outcomes

  • Identify the principal regulatory authorities that influence the framework for external financial reporting in Australia and explain their roles and functions in this process.
  • Describe the nature and objectives of General Purpose Financial Reporting
  • Explain the key components of the Conceptual Framework for accounting as it applies to the preparation of general purpose financial statements.
  • Record accounting transactions and prepare the Balance Sheet and the Income Statement.
  • Explain the main issues to be considered in relation to reporting of key transactions and balances reported in the Balance Sheet and Income Statement.
  • Describe the nature of company transactions and account for various capital transactions and profit distribution.
  • Construct and analyse a Cash Flow Statement.

Generic skills

  • High level of development: problem solving; use of computer software.

  • Moderate level of development: written communication; collaborative learning; team work; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information; evaluation of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.

  • Some level of development: oral communication; statistical reasoning.

Eligibility and requirements

Prerequisites

The following:

Code Name Teaching period Credit Points
ACCT10001 Accounting Reports and Analysis
Summer Term
Semester 1
Semester 2
12.5

Corequisites

None

Non-allowed subjects

None

Recommended background knowledge

Please refer to Prerequisites and Corequisites.

Core participation requirements

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Assessment

DescriptionTimingPercentage
  • Practice Set Assignment Part 1 (250 words) due in the first half of the semester (5%)
  • 250 words
First half of the teaching period5%
  • Practice Set Assignment Part 2 (750 words) due in the second half of the semester (15%)
  • 750 words
Second half of the teaching period15%
  • Three hour end-of-semester examination (70%)
  • 3 hours
  • Hurdle requirement: To pass this subject students must pass the end of semester examination.
End of semester70%
  • Tutorial attendance, contributions and online quizzes (10%)
Throughout the semester10%

Dates & times

  • Summer Term
    Mode of deliveryOn Campus — Parkville
    Contact hoursSummer Semester: two 2-hour lectures and two 1-hour tutorials per week for 6 weeks
    Total time commitment170 hours
    Teaching period 2 January 2019 to 15 February 2019
    Last self-enrol date11 January 2019
    Census date18 January 2019
    Last date to withdraw without fail 8 February 2019
    Assessment period ends 2 March 2019
  • Semester 1
    Principal coordinatorWarren Mckeown
    Mode of deliveryOn Campus — Parkville
    Contact hoursSemester 1 and Semester 2: one 2-hour lecture and one 1-hour tutorial per week; Summer Semester: two 2-hour lectures and two 1-hour tutorials per week for 6 weeks
    Total time commitment170 hours
    Teaching period 4 March 2019 to 2 June 2019
    Last self-enrol date15 March 2019
    Census date31 March 2019
    Last date to withdraw without fail10 May 2019
    Assessment period ends28 June 2019

    Semester 1 contact information

  • Semester 2
    Principal coordinatorWarren Mckeown
    Mode of deliveryOn Campus — Parkville
    Contact hoursSemester 1 and Semester 2: one 2-hour lecture and one 1-hour tutorial per week; Summer Semester: two 2-hour lectures and two 1-hour tutorials per week for 6 weeks
    Total time commitment170 hours
    Teaching period29 July 2019 to 27 October 2019
    Last self-enrol date 9 August 2019
    Census date31 August 2019
    Last date to withdraw without fail27 September 2019
    Assessment period ends22 November 2019

    Semester 2 contact information

Time commitment details

170 Hours

Further information

  • Texts

    Prescribed texts

    You will be advised of prescribed texts by your lecturer.

  • Breadth options
  • Available through the Community Access Program

    About the Community Access Program (CAP)

    This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.

    Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.

  • Available to Study Abroad and/or Study Exchange Students

    This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.

Last updated: 19 July 2019